Futu Holdings Ltd's 2024 Q1 performance: Quarterly net profit increased by 18%, achieving breakthrough progress in internationalization.

Futu Holdings Ltd announced the unaudited operating summary for the first quarter ended March 31, 2024:

In the first quarter, Futu's total revenue was 2.593 billion Hong Kong dollars (approximately 0.331 billion U.S. dollars), with a quarterly growth of 9.2%. Under the Non-GAAP, the net profit achieved was 1.121 billion Hong Kong dollars (approximately 0.143 billion U.S. dollars), with a quarterly growth of 18.0%. By business category, the first quarter of 2024 trading commissions and fees revenue was 1.082 billion Hong Kong dollars (approximately 0.138 billion U.S. dollars), with a quarterly growth of 19.7%, interest income was 1.354 billion Hong Kong dollars (approximately 0.173 billion U.S. dollars), with a quarterly growth of 1.7%, other income (including wealth management, corporate services, etc.) was 0.156 billion Hong Kong dollars (approximately 19.96 million U.S. dollars), with a quarterly growth of 13.8%.

As of the end of the first quarter, Futubull and moomoo applications have registered users reaching 22.48 million, an annual increase of 12.3%; the number of newly opened accounts reached 3.81 million, an annual increase of 15.4%; the total number of paying clients expanded to 1.887 million, an annual increase of 23.5%. In the first quarter, the net increase in paying clients was 0.177 million, an annual increase of 330.8%. The company has already achieved over 50% of its annual customer acquisition target for 2024, with significant double-digit percentage growth in new paying clients in the Hong Kong and Singapore markets. Customer retention rate remained at a high level of over 98%. At the end of the quarter, customer assets reached approximately 517.9 billion Hong Kong dollars (approximately 66.18 billion U.S. dollars), and total customer trading volume reached approximately 1.3 trillion Hong Kong dollars (approximately 171.1 billion U.S. dollars).。

In the first quarter, Futu continued its steady development in the Hong Kong market, with Futu Securities' trading volume leading among retail brokerages in Hong Kong. The daily average revenue trades (DARTs) of Hong Kong and U.S. stock customers significantly increased from the previous year's peak, while the mmf brand 'Cash Plus' continued to boost the growth of fund size. Breakthrough progress was also achieved in multiple overseas markets, with customer growth doubling in Japan and Canada markets, ranking top in the industry in key indicators such as app downloads, daily active users (DAU), and app store ratings in several overseas markets. Just entering April, after only 6 weeks of operation in Malaysia, the number of newly opened accounts exceeded 0.1 million; at the same time, the user base in Singapore also surpassed 1 million. In addition, Futu's three major business segments developed synergistically, with wealth management assets expanding to nearly 64 billion Hong Kong dollars, and Futu's corporate services IPO and investor relations (IR) have served a total of 430 companies.

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